Putin to the West: Moscow can stop exports and not honor agreements

Russian President Vladimir Putin told the West on Tuesday that it could halt exports and not honor deals, the Kremlin's strongest response yet to sanctions imposed by the United States and its allies over Russia's invasion of Ukraine.

Putin signed an expanded decree today banning the export of products and raw materials to persons and entities who will be included in the list of sanctions that he ordered the government to prepare within ten days.

The decree, which went into effect upon its publication, gives Moscow the power to stop exports or not fulfill contracts with any sanctioned individual or entity at any time.

The Russian government has 10 days to prepare lists of foreign individuals and companies that will be sanctioned, other than Western politicians already covered by the sanctions.

Putin's decree came in response to what he called the illegal actions of the United States and its allies aimed at depriving "the Russian Federation, citizens of the Russian Federation and Russian legal entities of property rights or restricting their property rights."

The decree provides for the imposition of special retaliatory economic sanctions in response to "unfriendly practices taken by some foreign countries and international organizations."

The decree does not provide any details of the individuals or entities that may be affected by these measures.

Under the decree, Russia prohibits the export of products and raw materials to sanctioned persons and entities even under existing contracts.

The decree also prohibits transactions with foreign individuals and companies subject to Russian retaliatory sanctions, and allows Russian parties not to fulfill their obligations towards them.

Putin instructed his government to prepare a list of foreign individuals and companies that would be covered by the sanctions, as well as setting "additional criteria" for a number of transactions that could be subject to restrictions.

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